Corn futures are trading 4 to 8 cents higher this morning. They ended the Monday session with most contracts 2 to 5 cents higher, following 7-8 cent losses in the overnight session. Preliminary open interest jumped 23,060 contracts on Monday’s rally, mostly in the July and September contracts. May futures expire today. After the Monday close, NASS reported the US corn crop was 30% planted as of Sunday, moving only 7% from the prior week and slower than most estimates. That was just half of the same week last year (59%) and 36% below the average pace. The crop was 10% emerged, with the normal pace at 29%. The Export Inspections report indicated that 1.001 MMT of corn was shipped in the week that ended on May 9. That was up 2.45% from the week prior but still 36.59% below the same week in 2018.

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